IPO Timeline Raw facts
Broker Deadline
2026-10-06
Morning deadline
HKEX Deadline
2026-10-06
Noon deadline
Broker Results (T-2)
2026-10-07
Some brokers release in afternoon
Grey Market (T-1)
2026-10-08
Afternoon
HKEX Allotment (T-1)
2026-10-08
Evening
Registrar Allotment (T-1)
2026-10-08
Evening
Listing Day (T)
2026-10-09
First day of trading
Company Overview
| Stock Name | ESWIN COMPUTING |
|---|---|
| Stock Code | 01256 |
| Company Full Name | Beijing ESWIN Computing Technology Co., Ltd. |
| Industry | Semiconductors |
| Principal Activities | We are a RISC-V oriented chip product provider in China, focusing on researching and designing products consisting of chips, chipsets and/or circuit boards accompanied with essential software. We outsource IC manufacturing, packaging and testing to third-party service providers. Our offerings include human-machine interaction and multimedia processing chip products, and interconnectivity and computing chip products. |
| Listing Date | 2026-10-09 |
| Listing Status | stock_info.status_prelisting |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | To be extracted |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | Room 101, Floor 1, Building 3, Yard 18, Science and Technology Innovation 10th Street, Beijing Economic and Technological Development Area, Beijing, PRC |
| Business Address (Hong Kong) | Room 1920, 19/F, Lee Garden One, 33 Hysan Avenue, Causeway Bay, Hong Kong |
| Place of Incorporation | China |
| Listing Method | Global Offering |
| Listing Board | Main Board |
| Website | www.eswincomputing.com |
| Share Registrar | 香港中央證券登記有限公司 (Computershare Hong Kong Investor Services Limited) |
| Registrar Contact | 香港中央證券登記有限公司，香港灣仔皇后大道東183號合和中心17樓1712-1716號舖 |
| A-Share/US Dual Listing | No |
Offering Information
| Offering Mechanism | Mechanism B |
|---|---|
| Offer Price | To be extracted |
| Offer Price Range | HK$ 1.48 - 1.59 |
| Lot Size | 2,000 shares |
| Entry Threshold | HK$ 3,180 |
| Par Value | RMB 0.1 / shares |
| Offer Period | 2026-09-28 to 2026-10-06 |
| Global Offering Shares | 1,570,204,000 shares |
| HK Public Offer Shares (Initial) | 157,022,000 shares (10.0%) |
| Public Offer Lots (Initial) | 78,511lots (39,255lots, 39,256lots) |
| International Placing Shares (Initial) | 1,413,182,000 shares (90.0%) |
| Offer Ratio | ~10.0% |
| Total Shares Post-IPO | 21,991,637,040 shares |
| Greenshoe (Over-allotment Option) | No |
| Stabilizing Manager (Greenshoe) | — |
| Cornerstone Share | 53.1% |
| Clawback Tiers | To be extracted |
| Reallocation Option | Yes |
| Total Global Offering Size | HK$ 2,496,624,360 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 2,000 | HK$ 3,180 |
| 2 lots | 4,000 | HK$ 6,360 |
| 3 lots | 6,000 | HK$ 9,540 |
| 4 lots | 8,000 | HK$ 12,720 |
| 5 lots | 10,000 | HK$ 15,900 |
| 6 lots | 12,000 | HK$ 19,080 |
| 7 lots | 14,000 | HK$ 22,260 |
| 8 lots | 16,000 | HK$ 25,440 |
| 9 lots | 18,000 | HK$ 28,620 |
| 10 lots | 20,000 | HK$ 31,800 |
| 15 lots | 30,000 | HK$ 47,700 |
| 20 lots | 40,000 | HK$ 63,600 |
| 25 lots | 50,000 | HK$ 79,500 |
| 30 lots | 60,000 | HK$ 95,400 |
| 35 lots | 70,000 | HK$ 111,300 |
| 40 lots | 80,000 | HK$ 127,200 |
| 45 lots | 90,000 | HK$ 143,100 |
| 50 lots | 100,000 | HK$ 159,000 |
| 60 lots | 120,000 | HK$ 190,800 |
| 70 lots | 140,000 | HK$ 222,600 |
| 80 lots | 160,000 | HK$ 254,400 |
| 90 lots | 180,000 | HK$ 286,200 |
| 100 lots | 200,000 | HK$ 318,000 |
| 150 lots | 300,000 | HK$ 477,000 |
| 200 lots | 400,000 | HK$ 636,000 |
| 250 lots | 500,000 | HK$ 795,000 |
| 300 lots | 600,000 | HK$ 954,000 |
| 350 lots | 700,000 | HK$ 1,113,000 |
| 400 lots | 800,000 | HK$ 1,272,000 |
| 450 lots | 900,000 | HK$ 1,431,000 |
| 500 lots | 1,000,000 | HK$ 1,590,000 |
| 600 lots | 1,200,000 | HK$ 1,908,000 |
| 700 lots | 1,400,000 | HK$ 2,226,000 |
| 800 lots | 1,600,000 | HK$ 2,544,000 |
| 900 lots | 1,800,000 | HK$ 2,862,000 |
| 1,000 lots | 2,000,000 | HK$ 3,180,000 |
| 1,250 lots | 2,500,000 | HK$ 3,975,000 |
| 1,500 lots | 3,000,000 | HK$ 4,770,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1,750 lots | 3,500,000 | HK$ 5,565,000 |
| 2,000 lots | 4,000,000 | HK$ 6,360,000 |
| 2,500 lots | 5,000,000 | HK$ 7,950,000 |
| 3,000 lots | 6,000,000 | HK$ 9,540,000 |
| 3,500 lots | 7,000,000 | HK$ 11,130,000 |
| 4,000 lots | 8,000,000 | HK$ 12,720,000 |
| 4,500 lots | 9,000,000 | HK$ 14,310,000 |
| 5,000 lots | 10,000,000 | HK$ 15,900,000 |
| 6,000 lots | 12,000,000 | HK$ 19,080,000 |
| 7,000 lots | 14,000,000 | HK$ 22,260,000 |
| 8,000 lots | 16,000,000 | HK$ 25,440,000 |
| 9,000 lots | 18,000,000 | HK$ 28,620,000 |
| 10,000 lots | 20,000,000 | HK$ 31,800,000 |
| 12,500 lots | 25,000,000 | HK$ 39,750,000 |
| 15,000 lots | 30,000,000 | HK$ 47,700,000 |
| 17,500 lots | 35,000,000 | HK$ 55,650,000 |
| 20,000 lots | 40,000,000 | HK$ 63,600,000 |
| 39,255 lots | 78,510,000 | HK$ 124,830,900 |
Stock Connect Inclusion
| HK Market Cap | HK$ 16.15B （Estimated at upper offer price 1.59 × 10.16B shares, range 1.48–1.59） |
|---|
| 26Q4 Regular Review | |
| Inclusion Pathway | Small Cap Regular Path |
|---|---|
| Est. Threshold | HK$ 9.56B Met |
| Analysis Result | 预计2027年3月8日入通 |
* IPO in progress, estimated at upper bound offer price
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 32,547,622,819 - 34,966,702,893 |
|---|---|
| H-Share Market Cap (at Offer Price) | HK$ 15,031,168,259 - 16,148,349,684 |
| Pre-IPO Valuation (Last Round) | Not disclosed |
| P/E Ratio | Not applicable (loss-making) |
| Profit/Loss Status | Net loss RMB 1,515.8 million |
| Period-End Cash Balance | RMB 188.3 million |
| Listing Expenses | ~HK$ 142,900,000 |
| Listing Expenses / Funds Raised | ~5.72% |
| Total Pre-IPO Investment | To be extracted |
Financial Data
Unit:
'000
RMB
Income Statement
| Item | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 1,752,185 | 2,025,379 | 2,431,237 |
| Cost of sales | -1,481,957 | -1,667,839 | -1,978,325 |
| Gross profit | 270,228 | 357,540 | 452,912 |
| Other income and gains, net | 147,156 | 178,022 | 54,080 |
| Selling and distribution expenses | -166,952 | -143,956 | -234,830 |
| Administrative expenses | -552,903 | -501,551 | -603,940 |
| Operating profit | -1,823,680 | -1,527,900 | -1,501,357 |
| Net finance costs | -22,596 | -19,508 | -14,801 |
| Share of associates and JVs | 5,572 | -415 | 517 |
| Profit before tax | -1,840,704 | -1,547,823 | -1,515,641 |
| Income tax expense | 3,240 | 468 | -203 |
| Profit for the year | -1,837,464 | -1,547,355 | -1,515,844 |
Balance Sheet
| Item | 2023 | 2024 | 2025 |
|---|---|---|---|
| Cash and cash equivalents | 808,060 | 1,587,739 | 188,274 |
| Trade and bills receivables | 766,665 | 755,805 | 1,112,155 |
| Inventories | 328,646 | 367,638 | 618,814 |
| Total current assets | 4,005,674 | 3,098,046 | 2,767,585 |
| Total assets | 6,352,427 | 4,864,393 | 3,978,099 |
| Total current liabilities | 869,718 | 841,458 | 947,529 |
| Total liabilities | 1,283,261 | 1,237,164 | 1,292,348 |
| Total equity | 5,069,166 | 3,627,229 | 2,685,751 |
Cash Flow Statement
| Item | 2023 | 2024 | 2025 |
|---|---|---|---|
| Net cash from operating activities | -1,250,818 | -780,654 | -1,171,001 |
| Net cash from investing activities | -1,891,820 | 1,612,268 | -608,138 |
| Net cash from financing activities | 2,960,127 | -63,163 | 393,413 |
| Net increase in cash | -182,511 | 768,451 | -1,385,726 |
Income Statement
Balance Sheet
Cash Flow Statement
Source: Accountants' Report and Audited Consolidated Financial Statements
First Day Performance
| First Day Close | Loading... |
|---|
Use of Proceeds
| Use of Proceeds | Approx. 35.0% for R&D and product development, approx. 30.0% for hardware-software platform enhancement, approx. 15.0% for potential M&A, approx. 10.0% for global commercialization network, approx. 10.0% for working capital. |
|---|
Underwriting Syndicate
Joint Sponsors (2)
Sponsor cum Overall Coordinator (2)
Overall Coordinators (4)
Joint Global Coordinators (1)
CLSA Limited CE AAB893
Joint Bookrunners (1)
CLSA Limited CE AAB893
Capital Market Intermediaries (6)
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Sponsors/Underwriters | 高伟绅律师行 |
| Auditor and Reporting Accountant | 毕马威会计师事务所 |
| Industry Advisor | Frost & Sullivan (Beijing) Inc., Shanghai Branch Co. |
| Compliance Advisor | Rainbow Capital (HK) Limited CE BPB716 |
| Receiving Banks | CMB Wing Lung Bank Limited |
Cornerstone Investors
| # | Investor Name | Investment Amount | Shares Subscribed | % of Offer Shares | % of Total Shares | Lock-up Period | Est. Unlock Date |
|---|---|---|---|---|---|---|---|
| 1 | 屹唐盛海基金 | 348,000,000 HKD | 226,574,000 | 14.43% | 12.55% | 6 months | 2027-04-09 |
| 2 | 合肥建投 | 173,000,000 HKD | 112,754,000 | 7.18% | 6.24% | 6 months | 2027-04-09 |
| 3 | 海耀實業 | 155,000,000 HKD | 100,976,000 | 6.43% | 5.59% | 6 months | 2027-04-09 |
| 4 | 頎中國際 | 75,000,000 HKD | 48,858,000 | 3.11% | 2.71% | 6 months | 2027-04-09 |
| 5 | GBAHIL | 118,000,000 HKD | 76,668,000 | 4.88% | 4.25% | 6 months | 2027-04-09 |
| 6 | －Mega Prime | 59,000,000 HKD | 38,334,000 | 2.44% | 2.12% | 6 months | 2027-04-09 |
| 7 | －Poly Platinum | 59,000,000 HKD | 38,334,000 | 2.44% | 2.12% | 6 months | 2027-04-09 |
| 8 | 中信資管香港 | 100,000,000 HKD | 65,146,000 | 4.15% | 3.61% | 6 months | 2027-04-09 |
| 9 | 德霖資源 | 100,000,000 HKD | 65,146,000 | 4.15% | 3.61% | 6 months | 2027-04-09 |
| 10 | Orix | 33,000,000 HKD | 21,466,000 | 1.37% | 1.19% | 6 months | 2027-04-09 |
| 11 | Grit No.1Equity Fund | 60,000,000 HKD | 39,086,000 | 2.49% | 2.16% | 6 months | 2027-04-09 |
Directors & Management
| Chairman | Mi Peng |
|---|---|
| Company Secretary | Bu Tian; Chan Hei |
Executive Director (4)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 王东升 | — | Executive Director |
| 2 | 王波 | — | Executive Director |
| 3 | 米鹏 | — | Executive Director |
| 4 | 胡巍浩 | — | Executive Director |
Non-Executive Director (4)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 李家庆 | — | Non-Executive Director |
| 2 | 俞信华 | — | Non-Executive Director |
| 3 | 张帅 | — | Non-Executive Director |
| 4 | 刘飞虹 | — | Non-Executive Director |
Independent Non-Executive Director (7)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 朱贺华 | — | Independent Non-Executive Director |
| 2 | 吕文栋 | — | Independent Non-Executive Director |
| 3 | 张春 | — | Independent Non-Executive Director |
| 4 | 张晓君 | — | Independent Non-Executive Director |
| 5 | 孙达飞 | — | Independent Non-Executive Director |
| 6 | 刘帅 | — | Independent Non-Executive Director |
| 7 | 王琪 | — | Independent Non-Executive Director |
Major Shareholders
| Major Shareholders & Holdings | ESWIN Group (29.30%), Yili Technology (11.81%), Hexie Zhiyuan (6.93%), Guohua Life/Tianmao (6.22%), Ningbo Zhuangxuan (5.17%), Beijing Singularity Power/BOE/China IC (5.37%), Legend Capital Management (4.96%), China IC Fund II (4.79%), Boxin Chuangcheng (4.23%), Sanxing Zhiying (2.52%) |
|---|
